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Peru
Corani Project

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 Location:
173 km NW from Juliaca, Peru

  Project Contacts:
Av. Conquistadores 1144, Piso 6 San Isidro
Lima
Peru
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WebsiteWeb
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
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Overview

StageConstruction
Mine TypeOpen Pit
Commodities
  • Silver
  • Lead
  • Zinc
Mining Method
  • Truck & Shovel / Loader
Production Start...
Mine Life15 years (as of Jan 1, 2019)
Corani is one of the largest yet-to-be developed silver deposits in the world. The project has been granted all key permits including an approved ESIA, construction permits and accreditation of water availability. It was also the first industrial project in Peru to undergo the state-run Consulta Previa process for which it received 100% community support.

Early works construction activities progressing, mutually serving communities and project.


Owners

Source: p. 8
CompanyInterestOwnership
Bear Creek Mining Corp. 100 % Indirect
Bear Creek Mining S.A.C. (operator) 100 % Direct
In Peru, Bear Creek Mining Corporation is advancing its 100%-owned Corani silverlead-zinc project.

Bear Creek Mining S.A.C., the entity that will operate the Corani project, has a contract (the “IGV Contract”) with the Ministry of Energy and Mines Peru (“MEM”).

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Breccia pipe / Stockwork
  • Epithermal


Summary:

The Project’s mineralization is a low to intermediate sulfidation epithermal system with silver, lead, and zinc deposits hosted in stock works, breccia veins, and fractures. The gold zone to the south is a low sulfidation epithermal gold occurrence in association with silica. The antimony zone is comprised of stibnite-pyrite veins with silica. There is also sulfide mineralization in the sediments that are essentially barren of silver and lead.

The above combinations are indicative of the epithermal mineralization that is sometimes associated with distal zoning around a porphyritic intrusion.

Mineralization at the Corani Project occurs in three distinct and separate zones: Corani Main, Corani Minas, and Corani Este, each differing slightly in character with regard to both alteration and mineral assemblages. In general, mineralization in outcrop throughout the Corani Project is associated with iron and manganese oxides, barite, and silica. Silicification is both pervasive and structurally controlled along veins. In drill core, the mineralization occurs in typical low to intermediate sulfidation Ag-Pb-Zn mineral assemblages.

The most abundant silver-bearing mineral is fine-grained argentian tetrahedrite or freibergite (Hazen Research Inc., 2006; Gunning, 2007). Other minor silver minerals present include acanthite and the lead-silver sulfosalts, adorite and diaphorite. Other sulfide minerals include pyrite-marcasite, boulangerite, sphalerite, an ........


Mining Methods

  • Truck & Shovel / Loader


Summary:

The Corani Project will be mined using conventional open pit mining methods, with either an owner mining or a contractor mining scenario. The base case assumes contractor mining. The rock will be broken by drilling 0.156 m diameter blast holes and blasting with ammonium nitrate/fuel oil (ANFO) and emulsion. Broken rock will then be loaded into 140 tonne trucks using a 19 cubic meter (m3) front end loader or one of two 22 m3 hydraulic shovels. Support equipment includes two Caterpillar D9 bulldozers, a road grader, water trucks, rubber tire dozer, compactor, excavator, fuel and lube trucks, and other miscellaneous equipment.

The mine plan considers extraction of the proven and probable ore material included in the mineral reserve presented in Section 15. The mine plan has been developed to deliver 9,855 kt of ore per year (27,000 t/d x 365 processing days) to the crusher for processing by flotation to produce two concentrates: lead-silver, and zinc-silver.

Drilling
Drilling will be carried out using drill rigs equipped with down-the-hole hammers. Based on the rock hardness documented in the report “Corani Blast Fragmentation Project, Topex” (2015), the rock is of low to medium hardness with an unconfined compressive strength ranging between 27.5 MPa and 36.9 MPa. The drill pattern selected allows for a powder factor of 0.26 kg/t, consistent with the requirement documented by Topex.

Drilling will be conducted using two Atlas Copco DM45 dri ........


Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.


Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Silver Payable metal M oz 9.6144
Silver Metal in concentrate M oz 158
Lead Concentrate kt  ......  Subscription required
Lead Payable metal M lbs  ......  Subscription required
Lead Metal in concentrate M lbs  ......  Subscription required
Zinc Payable metal M lbs  ......  Subscription required
Zinc Concentrate kt  ......  Subscription required
Zinc Metal in concentrate M lbs  ......  Subscription required

Operational Metrics:

Metrics
Stripping / waste ratio 1.28 *
Daily ore mining rate 27,000 t *
Waste tonnes, LOM 177,881 kt *
Ore tonnes mined, LOM 138,582 kt *
Total tonnes mined, LOM 316,463 kt *
Daily processing rate 27,000 t *
Tonnes processed, LOM 138,582 kt *
Annual mining rate 9,855 kt of ore *
* According to 2019 study.

Reserves at November 5, 2019:
The Mineral Resources were generated within the $30.00 silver, $1.425 lead, and $1.50 zinc price pit shell and the calculated $10.79/t Net Smelter Return (NSR) cutoff.

CategoryTonnage CommodityGradeContained Metal
Proven 20,330 kt Silver 59.7 g/t 39 M oz
Proven 20,330 kt Lead 1 % 450 M lbs
Proven 20,330 kt Zinc 0.6 % 268.5 M lbs
Probable 118,253 kt Silver 49.9 g/t 189.6 M oz
Probable 118,253 kt Lead 0.88 % 2,292 M lbs
Probable 118,253 kt Zinc 0.55 % 1,426 M lbs
Proven & Probable 138,582 kt Silver 51.3 g/t 228.6 M oz
Proven & Probable 138,582 kt Lead 0.9 % 2,742 M lbs
Proven & Probable 138,582 kt Zinc 0.55 % 1,694 M lbs
Measured 30,585 kt Silver 50 g/t 49.1 M oz
Measured 30,585 kt Lead 0.79 % 534 M lbs
Measured 30,585 kt Zinc 0.49 % 329 M lbs
Indicated 208,050 kt Silver 40.9 g/t 273.5 M oz
Indicated 208,050 kt Lead 0.64 % 2,933 M lbs
Indicated 208,050 kt Zinc 0.43 % 1,985 M lbs
Measured & Indicated 238,635 kt Silver 42.1 g/t 322.7 M oz
Measured & Indicated 238,635 kt Lead 0.66 % 3,466 M lbs
Measured & Indicated 238,635 kt Zinc 0.44 % 2,313 M lbs
Inferred 73,185 kt Silver 35.5 g/t 83.5 M oz
Inferred 73,185 kt Lead 0.4 % 641 M lbs
Inferred 73,185 kt Zinc 0.3 % 484 M lbs

Commodity Production Costs:

CommodityUnitsAverage
Cash costs Silver USD  ......  Subscription required *†
All-in sustaining costs (AISC) Silver USD  ......  Subscription required *†
Assumed price Lead USD  ......  Subscription required&nbs
Assumed price Zinc USD  ......  Subscription required&nbs
Assumed price Silver USD  ......  Subscription required&nbs
* According to 2019 study / presentation.
† Net of By-Product.

Operating Costs:

Units2019
OP mining costs ($/t milled) USD 4.29 *
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2019 study.
Subscription required - Subscription is required.

2019 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
OP OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 1,391
G&A costs $M USD 260.9
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Net Operating Income (LOM) $M USD  ......  Subscription required
Net Income (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 5% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 5% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of December 17, 2019:
HME TypeModelSizeQuantityLeased or
Contractor
ANFO Loader ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
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....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Dec 17, 2019
....................... Subscription required ....................... Subscription required Subscription required Dec 17, 2019
....................... Subscription required ....................... Subscription required Subscription required Dec 17, 2019
....................... Subscription required ....................... Subscription required Subscription required Feb 1, 2023
....................... Subscription required ....................... Subscription required Subscription required Feb 1, 2023
Subscription required - Subscription is required.

Staff:

Total WorkforceYear
Subscription required 2019

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2019
................................... Subscription required 2019
Management Discussion & Analysis 2018
Feasibility Study Report 2017
Feasibility Study Report 2015
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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